The Central Bank of Kenya (CBK) has scheduled the next Monetary Policy Committee (MPC) meeting for Thursday, November 26th, 2020. All eyes will be on the monetary policy committee, given the weakening Kenya Shilling against the US Dollar.
The November meeting will be two months after the last MPC gathering held on 29th September 2020, at which the CBK retained the Central Bank Rate (CBR) at 7%.
The Committee, the top policy think tank of the CBK, first lowered the CBR to 7% from the previous 7.25% at its meeting held on 29th April 2020. The decision was taken after the first positive coronavirus case was recorded in Kenya in March, with CBK acknowledging the continuing negative economic outlook.
CBK has since maintained this policy rate at the same level during its subsequent meetings held in May, June, July, and September 2020.
The Central Bank is currently facing the challenge of a weakening shilling and dwindling forex reserves.
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